Crypto Academy / Season 3 / Week 2- Homework Post for Professor @awesononso - Topic: The Genesis Block: The Beginning of the Beginning
)
Hello everyone!
I have always loved origin stories and this is because getting to know the origin story of an entity helps a person understand the essence behind the features possessed by that entity.
In this week's lecture, professor @awesononso guided us through the origin stories of the genesis blocks of a few cryptocurrencies including Bitcoin, Ethereum, and our very own steem.
However, amongst the aforementioned cryptocurrencies, Bitcoin's genesis block was of great significance in the creation and execution of the blockchain technology which is the basis of every cryptocurrency in existence today.
Before I respond to the tasks attached to the lecture, I will like to iterate how pleased I am to be part of this week's activities in cryptoacademy.
Task 1: What is the Genesis Block of a Blockchain.
source : pixabay
The Genesis Block of a blockchain can be simply defined as the first block of a blockchain which ever existed. But what exactly is a block?
A block is an essential characteristic of the blockchain, it is where every data and information of a transaction is recorded. Features such as the number of transactions done, the block number, and other important data which certify the transaction can be seen on the block.
source : pixabay
The genesis block is characterized by having no hash previously and therefore, becomes the historical ancestor of every other block formed on the blockchain. In other words, if a pyramid is drawn the genesis block will be at the peak of the pyramid. Better still it could be described as the foundation if you liken the blockchain to a house.
The hash of every block formed on any blockchain has an indirect reference to its Genesis block.
It is important to note that the Genesis block could be described as Block 0 or Block 1 depending on which blockchain you consider.
##Task 2: Write on the Bitcoin Genesis Block and its significance.
source : pixabay
Bitcoin was the first cryptocurrency to ever come into existence and its birthday was on the 3rd of January, 2009
The Bitcoin Genesis block was mined by the famous name 'Satoshi Nakamoto', who made the first Bitcoin transaction and created Block 0 (Bitcoin Genesis Block).
The reward for mining the Genesis Block was 50BTC which is contrasting as mining a block of Bitcoin is a lot harder now than it was then, yet the reward for mining one Bitcoin block is currently 6.25BTC
Stated below is he hash for the Bitcoin Genesis block;
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
source : blockchain.com
The wallet address which accepted the Bitcoin to complete the transaction which formed the Bitcoin Genesis block is;
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
source : blockchain.com
The Genesis block only sent 50BTC to the wallet address, but as time went on over 2,945 transactions were made by various other Bitcoin enthusiasts which summed the amount of Bitcoin in this wallet address to 68.4BTC.
Onething that picked my interest in this lecture was finding out that the Bitcoin founder left a secret message on the Coinbase Transaction of the Genesis Block. So I went ahead to confirm the translation of the Hex Sigscript :
5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73
source : Screenshot from my deviceThe significance of the Bitcoin Genesis block.
The Bitcoin Genesis block has tremendous significance in both the fields of Cryptocurrencies and blockchain technology. The significance of the Bitcoin Genesis block is summarized as follows;
The Bitcoin Genesis block became the yardstick for processing data on the blockchain. Order is maintained and new blocks can be mined without a margin for error.
The Bitcoin Genesis block created the gate to freedom from a centralized financial system.
The Bitcoin Genesis block was the first step to creating awareness of the possible existence of cryptocurrencies. The significance of Bitcoin in the world of cryptocurrencies can never be over-emphasized as it was the very first in existence since its creation 12 years ago over 10, 000 cryptocurrencies are now in existence with more to come in the future.
The Bitcoin Genesis block is the genesis of blockchain technology which is now applied in many fields of emerging technologies.
Task 3: Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
source : BTCManagerSteem is a cryptocurrency and therefore, it has a genesis block of its own. Here are the steps I followed to locate the Steem Genesis block.
Step1: I visited the https://steemworld.org website as shown in the screenshot below.
source : Screenshot from my device
Step 2: I located the Block explorer tab and clicked on it, as shown in the screenshot below.
source : Screenshot from my device
Step 3: I specified block 1 in the provided pop up and clicked 'Ok', as shown in the screenshot below.
source : Screenshot from my device
Step 4: Once the block loaded completely, it displayed all the essential data the Genesis block consisted of, as seen in the screenshot below.
source : Screenshot from my device
Step 5: To sign in, I clicked on the 'sign in' at the right top corner of the screen. As shown below.
source : Screenshot from my device
Step 6: A pop-up appears requesting for my steem account name and my steem active posting key as shown in the screenshot below.
source : Screenshot from my device
Step 7: I filled in the required details and then clicked on 'Ok' as shown in the screenshot below.
source : Screenshot from my device
Step 8: I have successfully signed in as shown in the screenshot below.
source : Screenshot from my device
Conclusion
This lecture has richly enlightened me on the significance of the Genesis block in the areas of cryptocurrencies and blockchain technology. The Origin Story of how Bitcoin came into existence was thrilling and unexpectedly very informative. All thanks to Professor @awesononso for taking us on this wonderful blast to the past.
Hello @block.kids,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
Your explanation is good.
There are some missing points in the second question.
Some parts of the Steem Genesis Block are cropped out.
Thanks again as we anticipate your participation in the next class.